sebi:Order/PM/SM/2020-21/10812

SEBI · SEBI · 2017-07-17 · Prasanta Mahapatra, Adjudicating Officer

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Facts / Headnote

Penalty of Rs 10,00,000 imposed on Noticee for violation of sections 11(3) and 11C(3)

Provisions invoked

Parties

Holding

The Noticee violated sections 11(3) and 11C(3) of the SEBI Act, 1992 by failing to furnish information sought vide summons dated March 11, 2016, and is liable to a monetary penalty of Rs 10,00,000 under section 15A(a).

Full text

Adjudication Order in respect of Eco Friendly Food Processing Park Ltd. in the matter of Esteem Bio Organic Food processing Ltd. Page 2 of 21 APPOINTMENT OF ADJUDICATING OFFICER

Adjudication Order in respect of Eco Friendly Food Processing Park Ltd. in the matter of Esteem Bio Organic Food processing Ltd. Page 3 of 21 post issue shares, of Rs.10 each. Bidding Period of Issue opened on January 18, 2013 and closed on January 22, 2013. c) During investigation, it was observed that certain entities were connected with Esteem directly/ indirectly and that these connected entities had funded the IPO applicants. The details of these entities and basis of the connection is brought out in table below : SN Particulars Connection - Fund Movement 1 Goldline International Finvest Ltd. (Goldline)  Goldline received IPO proceeds of Rs. 239.60 lacs from ESTEEM.  ESTEEM given Rs. 245 lacs to ECO, the same was transferred by ECO to Goldline.  Goldline had fund movement with Mayfair Infosolution Pvt. Ltd., Guiness Securities Ltd and Sanjeev Agarwal.  Goldline had also fund movement with the entities who had funded to IPO allottees viz. AMS Powertronic Pvt Ltd, Bright Securities, Columbia Sales. 2 Satendra Kumar (PAN: AWWPK8525E) Proprietorship Firm  Bright Securities  A R Enterprise  Nisha Traders  Nisha Traders received funds from Magnum Industrial and Bright Securities.  Bright Securities had fund movement with Nisha Traders, Magnum Industrial , N V Sales Corporation, A One Furniture , Goldline and AMS powertronic Pvt. Ltd.  Address: Plot No. 3, Gali No. 3, East Guru Angad Nagar, Laxmi Nagar, Delhi - 110092.  Proprietorship firm of Sumit kumar, Madhukar Du

Adjudication Order in respect of Eco Friendly Food Processing Park Ltd. in the matter of Esteem Bio Organic Food processing Ltd. Page 4 of 21 SN Particulars Connection - Fund Movement  Khan Enterprises  Aggrawal Traders  Ram Prakash is the director in following companies (MCA Database); i. Aavia Buildtech Pvt. Ltd. ii. Aavia Softech Pvt. ltd. 5 Aavia Softech Pvt. Ltd.  It had fund movement with Mayfair Infosolution Pvt. Ltd., Eco, Goldline and Esteem Bio.  Aavia Buildtech Pvt. Ltd. and Aavia Softech Pvt. Ltd. having common address : 1/2486, Gali No. 26, Ramnagar, Modern Shahdra, East Delhi - 110032. (MCA Website)  Aavia Buildtech Pvt. Ltd. and Aavia Softech Pvt. Ltd. having common Director: 1) Kamal Singhal 2) Ramprakash  Mr. Ramprakash is the proprietor of M/s. Khan Enterprise and Ms/. Aggrawal Traders.

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Source: SecMarx — sebi:Order/PM/SM/2020-21/10812. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.